MGHL (Morgan Group Holding Co) Beneish M-Score : 0.00 (As of Jul. 08, 2025)

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What is Morgan Group Holding Co Beneish M-Score?

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

The historical rank and industry rank for Morgan Group Holding Co's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Morgan Group Holding Co was 0.00. The lowest was 0.00. And the median was 0.00.

Morgan Group Holding Co Beneish M-Score Historical Data

The historical data trend for Morgan Group Holding Co's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

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Morgan Group Holding Co Beneish M-Score Chart

Morgan Group Holding Co Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Beneish M-Score

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-2.34

-3.35

-2.73

Morgan Group Holding Co Quarterly Data
	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23
Beneish M-Score	Get a 7-Day Free Trial															-4.40	-2.73	-3.14	-1.85	-2.04

Competitive Comparison of Morgan Group Holding Co's Beneish M-Score

For the Capital Markets subindustry, Morgan Group Holding Co's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Morgan Group Holding Co's Beneish M-Score Distribution in the Capital Markets Industry

For the Capital Markets industry and Financial Services sector, Morgan Group Holding Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Morgan Group Holding Co's Beneish M-Score falls into.

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Morgan Group Holding Co Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Morgan Group Holding Co for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.4826

0.528 * 2.4886

0.404 * 1.1043

0.892 * 0.7844

0.115 * 0.6923

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1276

4.679 * 0.0743

0.327 * 1.0173

-2.04

This Year (Sep23) TTM:

Last Year (Sep22) TTM:

Total Receivables was $0.21 Mil.
Revenue was 0.487 + 0.469 + 0.497 + 0.614 = $2.07 Mil.
Gross Profit was 0.005 + -0.039 + -0.01 + 0.16 = $0.12 Mil.
Total Current Assets was $1.85 Mil.
Total Assets was $1.97 Mil.
Property, Plant and Equipment(Net PPE) was $0.01 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.01 Mil.
Selling, General, & Admin. Expense(SGA) was $1.06 Mil.
Total Current Liabilities was $0.77 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was -0.232 + -0.38 + -0.276 + -0.062 = $-0.95 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was -0.23 + -0.831 + 0.065 + -0.1 = $-1.10 Mil.

Total Receivables was $0.56 Mil.
Revenue was 0.413 + 0.475 + 0.509 + 1.238 = $2.64 Mil.
Gross Profit was 0.022 + -0.046 + -0.049 + 0.441 = $0.37 Mil.
Total Current Assets was $3.30 Mil.
Total Assets was $3.48 Mil.
Property, Plant and Equipment(Net PPE) was $0.01 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.01 Mil.
Selling, General, & Admin. Expense(SGA) was $1.20 Mil.
Total Current Liabilities was $1.34 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(0.212 / 2.067)	/	(0.56 / 2.635)
	=	0.102564	/	0.212524
	=	0.4826

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(0.368 / 2.635)	/	(0.116 / 2.067)
	=	0.139658	/	0.05612
	=	2.4886

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (1.851 + 0.005) / 1.965)	/	(1 - (3.295 + 0.014) / 3.484)
	=	0.055471	/	0.05023
	=	1.1043

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	2.067	/	2.635
	=	0.7844

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(0.012 / (0.012 + 0.014))	/	(0.01 / (0.01 + 0.005))
	=	0.461538	/	0.666667
	=	0.6923

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(1.057 / 2.067)	/	(1.195 / 2.635)
	=	0.511369	/	0.45351
	=	1.1276

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((0 + 0.766) / 1.965)	/	((0 + 1.335) / 3.484)
	=	0.389822	/	0.38318
	=	1.0173

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(-0.95 - 0	-	-1.096)	/	1.965
	=	0.0743

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Morgan Group Holding Co has a M-score of -2.04 suggests that the company is unlikely to be a manipulator.

Morgan Group Holding Co Beneish M-Score Related Terms

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Morgan Group Holding Co Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Capital Markets » Morgan Group Holding Co (OTCPK:MGHL) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

401 Theodore Fremd Avenue, Rye, NY, USA, 10580

Website

https://www.morgangroupholdingco.com

Morgan Group Holding Co through its wholly own subsidiary operates in institutional research and securities brokerage business. It provides underwriting and institutional research services. The firm derives revenue from institutional research services, underwriting fees and selling concessions. The company operates in one business segment which generates brokerage commission revenues from securities transactions executed on an agency basis on behalf of institutional clients and mutual funds, private wealth management clients, and retail customers of affiliated companies.

Executives

Claudia B Carucci	10 percent owner	17 EAGLE ISLAND PLACE, SHELDON SC 29941-3017
Uncle Mills Partners, Llc	10 percent owner	17 EAGLE ISLAND PLACE, SHELDON SC 29941-3017
Bernard Zimmerman	10 percent owner, other: See Remarks	18 HIGH MEADOW RD, WESTON CT 06883
Carucci Walter P /ny	10 percent owner, other: See Remarks	C/O CARR SECURITIES CORP, 14 VANDERVENTER AVENUE, SUITE 210, PORT WASHINGTON NY 11050